That tiny piece of plastic in your wallet is actually more powerful than you think it really is. Banks all over the world are spending millions every year to protect themselves against credit card fraud by adding new security features. But because your credit card is a globally accepted product, it is subject to different merchant practices all around the world, which makes it an easy target for fraud.
Here are some 5 simple tips to protect yourself and your bank accounts from credit card fraud:
1) Reduce your credit limit
Many people are not aware that they can inform their bank to lower the limit on their card accounts. Lowering your credit limit will reduce your financial exposure should you lose your card or become a victim of fraud. Simply estimate how much you are likely to spend on your card each month and inform your bank that you would like to set your card account to this limit. Your bank will be more than happy to increase your limit for one-off purchases should you need to do a large purchase down the road.
2) Know where your cards are
Simple as this may sound, many of us hold a number of cards from different banks and may not even remember how many cards we actually have. Other than limiting our credit on each card, another good practice is to know where all your cards are to ensure that they are securely in your possession. Leave only one or two cards in your wallet and lock up the rest in your safe. Always put your cards back in the same place in your wallet so that you will immediately notice if they go missing.
3)Always check your card after making payment
Make it a point to check that the service staff has returned you YOUR card after you have made payment. There have been instances in restaurants where service staff return the wrong cards to their customers. Make it a habit to check that it is your name on the card.
4) Never lose sight of your card when making payment
Using your credit card at restaurants seem the most convenient way to make payment. After all, the service staff has got everything in control. Yet, this is traditionally one of the most common ways to skim data off your card. Go to the cashier to make payment and witness the whole process for yourself. Your physical presence will likely deter any opportunistic attempts to skim your card data.
5) Do not reveal any important account information to anyone
Critical information includes everything on your credit card statement, including your card expiry date, to the three/four digit code at the back of your card. With pieces of information about your card, it is easy for anyone to pose as you to contact your credit card company and ask for further details. In fact, a notorious credit card criminal has confessed to piecing up credit card details to commit credit card fraud this way even while he was in jail.
Remember, that tiny piece of plastic in your wallet is as good as cash, especially if you have a debit card. So keep it securely in your possession at all times.
Here are some 5 simple tips to protect yourself and your bank accounts from credit card fraud:
1) Reduce your credit limit
Many people are not aware that they can inform their bank to lower the limit on their card accounts. Lowering your credit limit will reduce your financial exposure should you lose your card or become a victim of fraud. Simply estimate how much you are likely to spend on your card each month and inform your bank that you would like to set your card account to this limit. Your bank will be more than happy to increase your limit for one-off purchases should you need to do a large purchase down the road.
2) Know where your cards are
Simple as this may sound, many of us hold a number of cards from different banks and may not even remember how many cards we actually have. Other than limiting our credit on each card, another good practice is to know where all your cards are to ensure that they are securely in your possession. Leave only one or two cards in your wallet and lock up the rest in your safe. Always put your cards back in the same place in your wallet so that you will immediately notice if they go missing.
3)Always check your card after making payment
Make it a point to check that the service staff has returned you YOUR card after you have made payment. There have been instances in restaurants where service staff return the wrong cards to their customers. Make it a habit to check that it is your name on the card.
4) Never lose sight of your card when making payment
Using your credit card at restaurants seem the most convenient way to make payment. After all, the service staff has got everything in control. Yet, this is traditionally one of the most common ways to skim data off your card. Go to the cashier to make payment and witness the whole process for yourself. Your physical presence will likely deter any opportunistic attempts to skim your card data.
5) Do not reveal any important account information to anyone
Critical information includes everything on your credit card statement, including your card expiry date, to the three/four digit code at the back of your card. With pieces of information about your card, it is easy for anyone to pose as you to contact your credit card company and ask for further details. In fact, a notorious credit card criminal has confessed to piecing up credit card details to commit credit card fraud this way even while he was in jail.
Remember, that tiny piece of plastic in your wallet is as good as cash, especially if you have a debit card. So keep it securely in your possession at all times.
